Shiba Inu was not left out of the bloodbath that swept through the market last week on Thursday when Bitcoin's price shook off the $29,000 zone and dragged the entire crypto market down with it.
And from Sunday 12 August's $0.00001 peak, Shiba Inu is now down by more than -25%.
This price decline has now completely wiped out all the gains SHIB made during the Shibarium launch hype.
However, there may be a few signs that might help us make predictions about Shiba Inu.
While some of these signs are positive signs, others may be interpreted as negative ones.
Let's look at a few.
According to a recent tweet from Whale Alert, a blockchain tracker and analytics platform, a whale has just moved an interesting amount of crypto.
According to the tweet, a SHIB whale transferred 708,416,119,061 SHIB (worth about 5,991,429 USD at current prices) straight from Gemini, into an unknown wallet.
Now when Whales transfer crypto into exchanges, they mostly do so to sell them. This can be bad for the price of said crypto, because such large amounts of tokens being released back into the system may prove to be detrimental for its price.
On the flip side, it is usually a more bullish sign when whales transfer crypto out of exchanges, as it usually indicates a lack of interest in selling.
It was not a pretty sight when the Shibarium L2 solution was launched earlier in the month
Less than a few hours after Shibarium's first launch, the SHIB development team had to shut down the L2 solution, because Shibarium was unable to handle the unusually large intake of users it had on its first day.
As it turns out, Etherscan.io data shows that there are currently about 410,358,347,683,931 (410.35 trillion) SHIB coins held in the official SHIB burn address.
This is an important milestone because about $3,393,663,535.35 ($3.39 billion) has been removed so far from the Shiba Inu ecosystem, which is an incredible accomplishment for the SHIB coin.
ShibBurn data also shows that in the last 24 hours, twenty different transactions holding a total of 115,413,903 (115.41 million) SHIB have been sent to SHIB's burn address, despite SHIB's burn rate being down by -44% over the last day.
In the chart, Shiba Inu has shown some remarkable strength in terms of price.
For example, the cryptocurrency has managed to stay atop a new ascending trendline, despite the crypto market dip over the weekend, as illustrated below.
Judging by the long tail on the 17 August candlestick, it is safe to say that the ascending trendline is a fairly strong one.
The long tail on the candlestick indicates that the bulls were present at that zone, and were able to push back against the bears.
The last two candlesticks on SHIB have been green ones, indicating some degree of strength on the cryptocurrency's part. However, Shiba Inu still has the 50-day SMA (purple line) to contend with.
If the cryptocurrency indeed breaks through its 50-day MA, SHIB's retracement levels show that the price targets are:
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.